Ethereum (ETH) has been trading sideways, clinging around the $3,500 resistance level. However, recent changes in on-chain data hint at a potential breakout. Notably, there has been a significant surge in the holding time of ETH, increasing investor conviction and reducing selling pressure.
The holding time of transacted ETH tokens has spiked by 55% in the past week, suggesting stronger investor sentiment and a possible increase in value. A positive funding rate for ETH futures, currently at 0.019%, further manifests the market's bullish outlook.
If Ethereum breaks the $3,516 resistance, prices could soar to $3,684, yet a failure to maintain momentum might result in a fallback to support at $3,210.
Sumber: beincrypto.com ↗